On January 12, 2017, the Delaware Senate introduced legislation that represents a complete rewrite of the state’s Escheats Law, currently codified at 12 Del. Code Ann. § 1130 et seq. The bill – SB 13 – is essentially the state’s reaction to recent unclaimed property developments in Delaware, including primarily the 2016 Temple-Inland decision. We do not intend to provide an exhaustive discussion of the legislation given that it is subject to change. Rather, the purpose of this advisory is to summarize select provisions that may have an impact on currently pending audits and the state’s Voluntary Disclosure Agreement (VDA) program.
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